Agronomics Limited Further investment in Rebellyous Foods (3055I)
01 April 2020 - 5:00PM
UK Regulatory
TIDMANIC
RNS Number : 3055I
Agronomics Limited
01 April 2020
1 April 2020
Agronomics Limited
("Agronomics" or the "Company")
Announces Participation in Series A Financing of Portfolio
Company Seattle Food Tech, Inc.
(trading as Rebellyous Foods)
The Board of Agronomics is pleased to announce it has today
completed a Subscription in Seattle Food Tech, Inc., trading as
Rebellyous Foods ("Rebellyous") for US$ 99,999.43 for 92,438 Series
A Preferred Stock. The Subscription will increase Agronomics
existing stake from 1.00% to 1.23% on a fully diluted basis and
will be paid using cash from the Company's own resources.
Agronomics' initial investment of US$ 250,000 in the form of a
Simple Agreement for Future Equity will convert to 231,096 Series A
Preferred Stock at the same time. Therefore, the Company will hold
323,534 Series A Preferred Stock.
Since the Company's initial investment, announced on 15 October
2019, Rebellyous has moved to a new 21,000 sq. ft. headquarter
facility in West Seattle, WA, USA, allowing for innovative product
development and rapid scaling of its production capacity. The team
has also had recent success expanding its client base, selling its
plant-based chicken nuggets to schools, cafeterias and hospitals
across the USA. Rebellyous is also continuing the development of
its optimised production machinery to improve the efficiency of
plant-based protein manufacture at scale.
As the Subscription is considered a Substantial Transaction
under AIM Rule 12, this announcement requires certain disclosures
under Schedule Four. Rebellyous is an early-stage company with cash
burn of US$ 101,964 per month and total assets as at 12 January
2020 of approximately US$ 2,450,261 including cash and near cash of
US$ 2,313,176.
About Rebellyous
Rebellyous, a leader in plant-based meat production innovation,
creates delicious, cost-competitive plant-based meat for the
foodservice industry. Driven by engineers, food scientists, and
chefs, Rebellyous uses quality plant protein, high-throughput
manufacturing automation, innovative low-energy manufacturing
tools, and uniquely designed modular production facilities to craft
better tasting, more affordable plant-based meat.
About Agronomics
Agronomics is an AIM-listed investment company focused on the
nascent field of cellular agriculture, precision fermentation and
synthetic biology, with an emphasis on improving the efficiency and
sustainability of current supply chains, with a focus on
eliminating the requirement of animals to meet our resources
absolute.
Agronomics believes that we are on the cusp of the most
significant disruption in our global food system, which will be
fundamental to feeding the world's growing population as it
approaches 10 billion people by 2050. The transformation of the
food production system through utilisation of synthetic biology is
a viable solution to improve the health and wealth of the planet
and the global population by reducing energy, water and land
requirements.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR'). Upon the
publication of this announcement via a Regulatory Information
Service ('RIS'), this inside information is now considered to be in
the public domain.
For further information please contact:
Agronomics Limited Zeus Capital Limited Peterhouse Capital Limited
Beaumont Cornish Limited
The Company Nomad Joint Broker Joint Broker
Richard Reed Roland Cornish Rupert Woolfenden Lucy Williams
Denham Eke James Biddle Emma Ayton Charles Goodfellow
+44 (0) 1624 639396 +44 (0) 207 628 3396 +44 (0) 20 3829 5000 +44 (0) 207 469 0936
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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